Exercise 8-13 (Algo) Inventory cost flow methods; periodic system (LO8-1, 8-4) Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,900 units; cost $6.20 each. 8 Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.90 each. 18 Purchased 8,700 units for $6.50 each. 25 Sold 10.600 units for $11.90 each. 28 Purchased 4,900 units for $5.80 each. 31 Inventory on hand-8, 800 units. Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow methods. Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Ending Inventory - Periodic FIFO FIFO Cost of Goods Sold - Periodic FIFO Cost Cost of Goods # of units sold per unit per unit Sold # of units Cost per unit Cost of Goods Available for Sale # of units in ending inventory Cost per unit Ending Inventory 2,900 $ 6.20 $ 17,980 2,900 $ 6.20 $ 17,980 $ 6.20 $ Beginning Inventory Purchases: August 8 August 18 August 28 Total 14,500 8,700 4,900 31,000 $ 6.40 $ 6.50 $ 5.80 $ 6.40 $ 6.50 92,800 56,550 28,420 195,750 $ 6.40 $ 6.50 $ 5.80 $ 2,900 $ 17,980 FIFO LIFO Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the LIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Available for Sale Cost Cost of Goods # of units per Available for Sale unit 2,900 $ 6.20 $ 17,980 # of units sold Cost per unit Cost of Goods Sold Ending Inventory - Periodic LIFO # of units in Cost Ending ending per unit Inventory inventory $ 6.20 2,900 $ 6.20 $ 17,980 14,500 92,800 Beginning Inventory Purchases: August 8 August 18 August 28 Total 14,500 8,700 4,900 31,000 $ 6.40 $ 6.50 $ 5.80 $ 6.40 $ 6.50 92,800 56,550 28,420 195,750 $ 6.40 $ 6.50 $ 5.80 $ 17,400 110,780 0 $ 0 FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the Av cost method. (Round "Average Cost per Unit" to 2 decimal places.)... Cost of Goods Sold - Average Cost Average Cost Cost of Goods Available for Sale Unit Cost of Goods # of units Available for Cost Sale 2,900 $ 6.20 $ 17,980 Average Cost per Unit # of units sold Ending Inventory - Average Cost # of units in Average Ending ending Cost per Inventory inventory unit Cost of Goods Sold 92,800 Beginning Inventory Purchases: August 8 August 18 August 28 Total 14,500 8,700 4,900 31,000 $ 6.40 $ 6.50 $ 5.80 56,550 28,420 195,750 $ $ 0 LIFO Average Cost >
